Shieldpoint Ltd is selling a 250,000 sq ft office re-development opportunity on the site of Nos. 78-86 Fenchurch Street, whilst No. 90 Fenchurch St is tenanted and being sold, by Irish Banking Resolution Corporation, as an income producing investment.
Shieldpoint acquired 78-86 Fenchurch Street using mortgage finance from the now nationalised Allied Irish Bank.
In December 2008, City of London planners gave consent for 10-storey scheme that has been valued at £200m on completion. After initial sale interest fell through two years ago, the Irish property developer feels that the time is now right to start re-marketing the Foster & Partners-designed scheme.
With a capacity for 250,000 sq ft office space to let in EC3, Shieldpoint hopes to sell the long leasehold interest in the site for £50m. The freehold for part of the site will remain with New College, Oxford.
The nearby City office rental at 80 Fenchurch Street, was also purchased using Irish bank funding.
Since Anglo Irish Bank and Irish Nationwide Building Society were wound up, their assets have been transferred to Irish Banking Resolution Corporation.
IRBC now own the Fenchurch St property, which is mainly let to Thomas Miller, the global insurance specialist. The 85,000 sq ft EC3 office building is set to become the first former Anglo Irish Bank asset to be sold from this €1bn property portfolio. Redeveloped in 1990, 90 Fenchurch Street comprises EC3 office space at several adjacent addresses including Galbraith House, Saracen's Head House, part of the Saracen's Head Yard and 5-7 Carlisle Avenue.
Thomas Miller is the major tenant occupying 78,000 sq ft within the building on a lease that has 14 years left unexpired.
In 2000, P&O ltd sold 90 Fenchurch Street to Zurich Life Assurance for close to £53m. IRBC has now appointed JLL to sell 90 Fenchurch St for £58m, returning an investment yield of 5.5%.